Anil Ambani-Spielberg JV for film production
Anil Ambani’s ADAG Group and Hollywood director Steven Spielberg’s Dreamworks Studios, have entered into a joint venture and completed the first phase of funding for their new Los Angeles-based motion picture company.
JP Morgan Securities arranged the syndication of about $325 million (Rs 1625 Crore) and Reliance Big Entertainment matched debt with its equity commitment.
The Walt Disney Studios will handle marketing and distribution for the studio and also extend a loan to DreamWorks as part of the distribution deal.
Stacey Snider and Steven Spielberg will now start producing films under this joint venture.